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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Asia | LSE:LDC | London | Ordinary Share | GB0008251513 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2201X London Asia Capital PLC 25 May 2007 25 May 2007 London Asia Capital plc ("London Asia" or "the Group") Acquisition of Insurance and Auction Businesses London Asia Ltd ("LAL"), the Hong Kong incorporated financial services business in which London Asia announced a 40% stake earlier this week, has made two investments in Chinese financial services businesses for a total investment of #1.52 million. Insurance Brokerage LAL has acquired a 51% stake in Jin Lian Ann Insurance Broker ("JLAI"), headquartered in Beijing, China. It is approved by China's Insurance Regulatory Commission to operate as a nation-wide, consolidated non-banking financial institution providing risk management consultation services and insurance brokerage services to various industries, companies and projects in China. The Company provides a nation-wide insurance brokerage service through more than 30 branches across China. Industries covered include highways, bridges, construction, domestic airports, military organizations, large-scale manufacturing, power plants and shipbuilding. JLAI provides a range of services to corporate clients, including Jiangsu Power Grid, Guangxi Power Grid, Xi'an Railway Bureau, FRESCO, Liaoning Bohai Shipyard, Hanzhong Airline, The Air-to-Air Missile Research Institute of China, and Huaxia Bank Beijing Branch. Auction House LAL has also acquired a 51% stake in Zhong Nan Auction House ("ZNAH"), based in Guangdong Province, China. ZNAH is approved by the municipal government of Guangdong and the Industrial & Commercial Administration Bureau of Guangdong Province to operate as a non-banking financial institution, providing auction services in China. The company has expertise in handling auctions for distressed properties and state-owned equities. The Company is a member of the Chinese Association of Auctioneers, approved by the Guangdong municipal government for the auction of confiscated items and authorized by the Guangdong Real Estate Bureau to perform property auctions. Its business includes the auction of items confiscated by the Guangdong municipal government, distressed property and items with no identifiable ownership. Simon Littlewood, London Asia Chief Executive, said: "Both acquisitions bring with them management teams with expertise in their sector and both businesses have the potential to be expanded going forward through bolt-on acquisitions. The acquisitions open up new opportunities for the Group, particularly in the distressed asset sector where increasing opportunities could arise should the Chinese Government's attempts to rein-in credit and slow down growth be successful. "These two investments demonstrate the strategy outlined earlier this week when London Asia acquired its stake in LAL. The investment in LAL provides London Asia with the opportunity to expand much more rapidly than it could using its own cash resources alone, with LAL making these acquisitions off its own balance sheet." For further information please visit www.londonasia.com or contact: Simon Littlewood John West/Andrew Dunn Jonathan Wright London Asia Capital plc Tavistock Communications Seymour Pierce Tel: 020 7231 0282 Tel: 020 7920 3150 Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END ACQAIMPTMMJTBMR
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